Bally’s could sell a stake in its new Chicago casino to local residents. The casino company put forward this idea in a draft registration statement with the US Securities and Exchange Commission (SEC).
at least 25% of the casino’s equity needs to be in the possession of minorities
City residents who meet certain qualifications of the Host Community Agreement would be eligible. The agreement states that at least 25% of the casino’s equity needs to be in the possession of minorities or businesses that are minority-controlled and owned.
This commitment was a key reason why the Bally’s proposal got support from Mayor Lori Lightfoot last year. Bally’s noted it hasn’t decided on the terms and price range of the proposed offering as of yet; the SEC first has to complete a review process. The company also is not guaranteeing that there will be any issuance of shares.
Chicago’s first casino is to be built on the site of a Chicago Tribune printing plant. Bally’s is planning to open a temporary casino in August.